ID: MRFR/CnM/9160-HCR | 180 Pages | Published By Priya Nagrale on March 2023
Transition Metals Market OverviewThe Transition Metals Market is anticipated to exhibit a CAGR of over 4.2% to reach around USD 1,369.46 billion by the end of 2028.
The term 'transition metals' refers to any element that belongs to the d-block of the periodic table, which includes groups 3 through 12. A transition metal is an element having a partially filled d-subshell and can produce cations with an incomplete d-sub shell on its atom. Iron, titanium, copper, nickel, manganese, cobalt, silver, mercury, and gold are some of the transitional metals having wide applications in various end-use industries such as automotive, electronic, building & construction, and paints& coatings, andothers.Iron is the most abundant metal found in Earth's solid crust, ranking fourth among all elements and second among metals in crystal abundance (after aluminum). Transition metals are generally harder, less reactive, and denser as compared to alkali metals.
Transition metalsoxides are utilized in various applications as catalyststo absorb other metals or substances onto their surface and activatethe oxidation process.
Transition metals play a vital role in human lifeas they are used in nutritional supplements, which is expected to boost the market demand in the nearer future. Various transition metals such as iron, cobalt, copper, and molybdenum are necessary to keep humans alive and healthy. Without enough iron in the bloodstream, the body cannot transport oxygen through the body. Other transition metals, like copper and cobalt, exist as trace elements in a body.
Nickel is commonly used as an alloying metal to create stainless and heat-resistant steel. It is combined with chromium and other metals to boost tensile strength, toughness, and elastic limit. Henceforth, increasing demand for nickel in the stainless-steel industry is expected to fuel the Transition Metals Market.
The impact of the Brumadinho dam catastrophe in Brazil (which threatened to restrict nickel output from Vale's holdings) and high demand from the stainless-steel sector in Chinawas countered by unfavorable macroeconomic consequences on the US-China trade war. Due to this trade war, the market’s supply chain gets disrupted and is projected to hindermarket growth.
Regulatory Framework
For the metal industry, the US government has recommended some regulations for the welfare of human health and to control air quality, including CAA (Clean Air Act), National Environmental Policy Act (NEPA), The National Ambient Air Quality Standard (NAAQS), State Implementation Plans (SIP), New Source Performance Standards (NSPS), and National Emissions Standard for Hazardous Air Pollutants (NESHAPs)
Particularly, transition metals ion is an essential micronutrient for all livingorganisms and exerts a widerange of effects on human health. Transition metals such as copper, iron, zinc, andmanganese play a crucial role in various bacterial biological activities, contributing to the bacteria's overall evolutionary fitness. Copper and zinc are used to poison the bacteria. In recent years, transition metals have been shown to have regulatory effects on the gut microbiota in a growing number of investigations. As a result, the dosage of transition metals distribution in bacteria is strictly regulated.
Impact of Coronavirus Outbreak
Globally, the COVID 19 has affected the metal industry in several ways. Operations in many companies have been harmedthrough isolatedoutbreaks and imposition of lockdowns. The demand for many commodities has decreased, with an even lower near-term demand on the horizon.
Also, the disruption caused in the rapidly developing economy of China due to COVID-19 alone is projected to have a significant impact on the economies of several other countries across the globe. One of the key exceptions of this trend has been gold, which typically benefits from a higher level of uncertainty. China's manufacturing, metal, and mining industries are likely to resume operations as the country recovers from the COVID 19 crisis.
Supply Chain Analysis
The supply chain analysis evaluates every stage and step taken by stakeholders involved throughout the production and distribution of transition metals. The supply chain includes raw materials and suppliers, transition metalsproducers, distribution channels, and end-use industries.
However, some difficulties are accentuated by a heavy production process, fluctuating demand and raw materials supply, and uncertain prices.
Market USP
Iron, cobalt, and nickel are the only metalsknown to produce a magnetic field.
Market Drivers
Market Restraints
Segmentation
By Metal Type
By Application
By Region
Key Players
Report Attribute/Metric | Details |
---|---|
Market Size | 2030: USD 1,369.46 Billion |
CAGR | 4.2% (2020-2030) |
Base Year | 2019 |
Forecast Period | 2020-2030 |
Historical Data | 2018 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Metal Type, Application and Region |
Geographies Covered | North America, South America, Europe, Asia-Pacific, Middle-East, and Africa |
Key Vendors | Reliance Steel & Aluminum Co (US), Transition Metals Corp (Canada), Fortescue Metals Group Limited(Australia), Samancor Chrome (South Africa), Vedanta Resources plc (Canada), Vale S.A. (Brazil), Teck Resources Limited (Canada), Rio Tinto Group (UK), Tshingshan Group (China), Norilsk Nickel (Russia), Metallurgical Products India Ltd (India), KGHM Polska Miedź S.A.(Poland), Rhenium Alloys (US) |
Key Market Opportunities | Growth in the steel industry |
Key Market Drivers |
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Transition Metals Market is predicted to grow at Significant through forecast period of 2020-2027.
The forecast period for Transition Metals Market research report is 2020-2027.
Global Transition Metals Market is dominated by APAC region.
Increase the demand for Industrial cleaning sector
The prominent players operating in the Transition Metals Market include
The forecast period for Transition Metals Market research report is 2020-2027.
Global Transition Metals Market is dominated by APAC region.